Retail Opportunity Investments: 3Q Earnings Snapshot
SAN DIEGO (AP) _ Retail Opportunity Investments Corp. (ROIC) on Monday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in San Diego, said it had funds from operations of $31.1 million, or 25 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 23 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $6.5 million, or 6 cents per share.
The real estate investment trust posted revenue of $69.8 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $68.6 million.
The company’s shares have declined 39% since the beginning of the year. In the final minutes of trading on Monday, shares hit $10.73, a drop of 43% in the last 12 months.